Portland, OR , Aug. 19, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global smart gas market generated $12.66 billion in 2018, and is estimated to reach $41.65 billion by 2026, registering a CAGR of 16.2% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in government investment to develop smart grid and smart gas pipeline networks and rise in urbanization across the developing economies such as China and India drive the growth of the global smart gas market. However, lack of awareness among consumers regarding smart gas system restrains the market growth. Furthermore, government initiatives to promote smart energy management is expected to provide new growth opportunities for the market player in near future.
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Covid-19 scenario:
- Amid lockdown, smart gas metering device manufacturers across the globe have halted their production due to disrupted supply chain.
- The growth of smart gas market is expected to decline due to the Covid-19 pandemic as consumption of smart gas has been reduced due to closure of hotels and restaurants amid shutdown.
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The report offers a detailed segmentation of the global smart gas market based on component, device type, end-user, and region.
Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly two-thirds of the total share, and is estimated to maintain its dominant position during the forecast period. However, the service segment is estimated to portray the highest CAGR of 18.7% during the forecast period.
Based on device type, the automatic meter reading (AMR) segment accounted for the largest share in 2018, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the advanced meter infrastructure (AMI) segment is expected to register the highest CAGR of 19.3% from 2019 to 2026.
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Based on region, North America contributed the highest share, accounting for nearly half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 21.1% from 2019 to 2026.
Leading market players analyzed in the research include General Electric, Diehl Stiftung & Co. KG, Landis+Gyr, Itron Inc., Verizon, Schneider Electric, Sensus, a Xylem brand, Oracle, Capgemini, and ABB.
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